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FDIC-Assisted Acquisition | 12 Months Ended
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Dec. 31, 2011
FDIC-Assisted Acquisition [Abstract] |
FDIC-Assisted Acquisition | Note 29: FDIC-Assisted Acquisition On October 7, 2011, Great Southern Bank entered into a purchase and assumption agreement, including a loss sharing agreement as described in Note 5, with the FDIC to purchase substantially all of the assets and assume substantially all of the deposits and other liabilities of Sun Security Bank, a full-service bank headquartered in Ellington, Missouri. Established in 1970, Sun Security Bank operated 27 locations in 15 counties in central and southern Missouri. The fair values of the assets acquired and liabilities assumed in the transaction were as follows:
| October 7,
| 2011
| (In Thousands)
Cash | $2,410
Due from banks | 64,417
Cash and cash equivalents | 66,827
Investment securities | 45,347
Loans receivable, net of discount on loans purchased of $74,038 | 163,674
Foreclosed real estate | 9,056
FDIC indemnification asset | 67,384
Federal Home Loan Bank of Des Moines stock | 2,978
Fixed assets | 54
Accrued interest receivable | 1,593
Core deposit intangible | 2,453
Other assets | 2,944
Total assets acquired | 362,310
Liabilities |
Demand and savings deposits | 166,477
Time deposits | 114,385
Total deposits | 280,862
Advances from Federal Home Loan Bank of Des Moines | 64,330
Accrued interest payable | 248
Advances from borrowers for taxes and insurance | 384
Total liabilities assumed | 345,824
Gain recognized on business acquisition | $16,486
Under the terms of the Purchase and Assumption Agreement, the FDIC agreed to transfer net assets to Great Southern at a discount of $55.0 million to compensate Great Southern for losses not covered by the loss sharing agreement and troubled asset management costs. No premium was paid to the FDIC for the deposits, resulting in a net purchase discount of $55.0 million. Details related to the transfer are as follows:
| October 7,
| 2011
| (In Thousands)
Net assets as determined by the FDIC | $11,443
Cash transferred by the FDIC | 43,532
Net assets per Purchase and Assumption Agreement | 54,975
Purchase accounting adjustments: |
Loans | (76,837)
Foreclosed real estate | (21,130)
FDIC indemnification asset | 67,384
Deposits | (801)
Advances from Federal Home Loan Bank of Des Moines | (9,330)
Core deposit intangible | 2,453
Other adjustments | (228)
Gain recognized on business acquisition | $16,486
The acquisition of the net assets of Sun Security Bank was determined to constitute a business acquisition in accordance with FASB ASC 805. FASB ASC 805 allows a measurement period of up to one year to adjust initial fair value estimates as of the acquisition date. Therefore, assets acquired and liabilities assumed were recorded on a preliminary basis at fair value on the date of acquisition, after adjustment for expected loss recoveries under the loss sharing agreement which is described in Note 5. Based upon the preliminary acquisition date fair values of the net assets acquired, no goodwill was recorded. The transaction resulted in a preliminary bargain purchase gain of $16.5 million for the year ended December 31, 2011.

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- Definition The entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs. + References No definition available. + Details
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